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Key Highlights
Litecoin declines to $53 low
LTC reaches the oversold region of the market
Litecoin (LTC) Current Statistics
The current price: $66.08
Market Capitalization: $5,536,032,655
Trading Volume: $333,740,518
Major supply zones: $80, $100, $120
Major demand zones: $60, $40, $20
Litecoin (LTC) Price Analysis August 21, 2023
Litecoin (LTC) price has plummeted to the bottom of the chart but continues to hold above $60 as it advances. The bears broke through the previous low of $71 to reach a new low of $53. The bulls have bought the dips as the altcoin maintains its hold above the $60 support level.
The bearish momentum advanced to the historical price level of November 4, 2022, but then reversed. At the time of writing, the LTC price is $65 per coin. Litecoin has entered the oversold zone as it corrects upward.
The extended candlestick tail indicates that there was a lot of buying at the lower price level. If the present support level of $60 holds, the uptrend will restart. The market will return to its earlier peak of $80. If the bears break below the $60 support, the altcoin will return to its earlier bottom.
Litecoin (LTC) Technical Indicators Reading
Litecoin has reached the oversold region of the Relative Strength Index period 14 at level 21. After plunging to the market’s oversold region, the cryptocurrency asset is now on the rise. It is above the daily Stochastic level of 50. The bullish momentum is being tested near the $67 high.
Conclusion
Litecoin is recovering on the 4-hour chart but continues to hold above $60 as it advances. The bullish momentum has stalled near the $67 high. The coin is trading above the 21-day simple moving average but below the 50-day simple moving average.
If the moving average lines continue unbroken, the cryptocurrency will be forced to make a range bound move.
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Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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